Business News
Latvian economy records first quarterly growth in two years
Nov 9, 2010, 13:25 GMT
Riga - Latvia's economy is continuing its recovery from the deepest recession in the European Union, recording the first year-on-year growth in more than two years, according to data released Tuesday.
Gross domestic product increased in the third quarter by 2.7 per cent, compared to the third quarter of 2009, the central statistics office reported. Compared to the second quarter of 2010, the economy grew by 0.8 per cent.
Final data are due to be published on December 9, but the flash estimate is significant in that it represents the first year-on-year quarterly growth for more than two years.
In 2009 the Latvian economy contracted by 18 per cent, and in the second-quarter of this year the economy contracted by 2.1 per cent.
Coinciding with the new data, Danske Bank issued a cautious analysis of the Latvian economy.
'The Latvian economy, which was hardest hit by the global credit crisis, has gradually moved upward,' Danske's Lars Christensen said.
'Our forecasts have been revised up, reflecting a significant improvement in export performance. We now forecast the Latvian economy to contract 2.1 per cent this year and to grow 1.9 per cent next year.'
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